A higher-priced market near California's coastal area, the market for real estate in San Bruno, like in many cities across the Golden state, has continued to struggle throughout this year as it reaches for a bottom. Prices and values have fallen, and even sales volume is down in San Bruno, a contrast to many other markets nationwide that have seen volume helped along by government incentives. However, as we near the end of the year, the market shows that perhaps it has hit its bottom and is making its way back up, as some indications give signs for relief.
According to local realtor Barbara Chang, the median price of homes sold in San Bruno in November was $575,000, up by 17.3% from October figures and down by just 3.3% year-over-year (a small drop considering many of the year-over-year changes in the area). Average prices, too, saw positive signs in November, with the average price for homes for sale in San Bruno at $596,636, up 15.9% from October and even up 8.6% from the previous year.
There were, however, just 11 sales in November, down from 16 in October and that same figure, 16, in November of last year. The small number of sales also means that San Bruno real estate figures can fluctuate wildly from month to month if there are a couple of high-priced sales, so figure should be closely examined in the coming months to see whether the market is really on its way back up.
Unlike many surrounding areas, San Bruno also saw an increase, rather than a decrease, in the average time for homes to spend on the market, which stood in November at 44, up from 33 in October and up 6.3% year-over-year. Condo sales declined 10.8% month-over-month, but were up 46.8% from the previous year and up 3.7% in 2009.